According to an article in the Dallas-Morning News, Wells Fargo economist Eugenio Aleman released a report on the Texas and Dallas-Fort Worth economy .
The article said:
The Texas economy has finally succumbed to the current U.S. and world recession... Thus, expect the unemployment rate to increase from its current level of 6.7 percent...and get close to 9 percent by the end of the year before it starts to come down again.
As feared the unemployment rate for Dallas-Fort Worth is on its way up in the near future. For the ordinary Dallas-Fort Worth resident this means more job losses, longer periods of unemployment and fighting the prospect of foreclosure. All residents need to get financially prepared for this continuing downturn.
Once again, review your financial picture. Be objective and honest. Think about reducing expenses and paying off debt BEFORE you face a job loss. If you have already faced reduced wages or a job loss, you may need to consider bankruptcy. Because the average length of unemployment has extended during this recession, bankruptcy may be the best option for those who have exhausted their unemployment benefits and still have no job prospects.
To learn about filing bankruptcy when you're unemployed or underemployed, contact a Dallas- Fort Worth bankruptcy attorney today.